QUALCOMM, GoPro, Baidu News Today

QUALCOMM, GoPro, and Baidu stocks are in the news today

Apr 28, 2017 at 9:11 AM
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Stock futures are trading just above fair value this morning, following an onslaught of corporate earnings reports. Among specific names in focus are tech stocks QUALCOMM, Inc. (NASDAQ:QCOM) and GoPro Inc (NASDAQ:GPRO), as well as Chinese internet issue Baidu Inc (ADR) (NASDAQ:BIDU). Here's a quick roundup of the news moving shares of QCOM, GPRO, and BIDU.

QUALCOMM Stock Set to Deepen Apple-Related Woes

After closing last night at $53.21, QCOM stock is trading down 4% ahead of the bell. Weighing on the shares is QUALCOMM, Inc.'s downwardly revised third-quarter guidance, which the tech firm said is due to Apple Inc. (NASDAQ:AAPL) halting all future royalty payments until a legal dispute between the two companies is resolved. QCOM also said this action by Apple is "wrongful" and is "the latest step in ... [a] global attack on Qualcomm." Today's projected price move would be more of the same for QCOM stock, which is down 18.4% year-to-date, most of which came on a late-January Apple-related bear gap. Analysts, meanwhile, have remained upbeat. Of the 21 brokerages following QCOM, 12 maintain a "strong buy," with not a single "sell" to be found.

Wedbush Securities Unconvinced By GoPro Earnings

Solid sales from its core cameras and Karma drones helped GPRO report a slimmer-than-expected quarterly loss. Nevertheless, Wedbush Securities maintained its "neutral" rating and $9 price target, saying it is "unwilling to recommend GoPro shares," due in part to "ongoing questions about long-term demand ... and an unclear product roadmap." Against this backdrop, GPRO stock is 0.2% higher in pre-market trading, after settling last night at $8.94. Longer term, the shares have added 25% since bottoming at $7.15 in mid-March, but have run into trouble at their overhead 120-day moving average. On the sentiment front, short-term options traders are more put-skewed now toward GPRO than they've been at any other point during the past year, per the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.59 is docked at a 52-week peak.

Baidu Stock Trades Lower After CFO Split, Dreary Outlook

BIDU stock is set to open 2.2% lower, as the company's lower-than-expected current-quarter revenue forecast and news its chief financial officer is stepping down overshadow upbeat first-quarter results. Nevertheless, Benchmark boosted its price target on BIDU to $210, representing expected upside of roughly 12% to last night's close at $187.86, and territory not charted since December 2015. Despite today's expected price move, Baidu Inc has done well over the past month, up 13.1% from its March 27 low at $166. Short sellers have been growing antsy, though. Short interest surged 27.5% in the two most recent reporting periods to 6.53 million shares -- the most since last July.


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